BJP MP Satish Gautam says he will send AMU's Jinnah portrait to Pakistan

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.

Mar 11: In a bid to keep its flock together, the crisis-hit Madhya Pradesh Congress has decided to shift its 92 MLAs either to Jaipur or some other place.

The move comes after 22 Congress MLAs loyal to former Union minister Jyotiraditya Scindia resigned on Tuesday, pushing the 15-month-old Kamal Nath government to the brink of collapse.

"We are going to take our 92 MLAs and those supporting our Madhya Pradesh government to a hotel," a senior Congress leader said on Wednesday.

The legislators would be taken either to Jaipur or some other Congress-ruled state like Chhattisgarh, a party source said.

Apart from its own MLAs, the Congress is also keeping a close watch on four Independents who are supporting the party-led state government.

On Tuesday, 22 Congress MLAs from Madhya Pradesh resigned soon after Scindia quit the party.

The development reduced the Congress government in the state to minority.

The state Congress unit is now making all efforts to save the Kamal Nath-led government.

The BJP on Tuesday night shifted its MLAs to Manesar at Gurugram in Haryana, sources in the saffron party said.

The Congress, whose tally before the rebellion was 114, has a wafer-thin majority in the Madhya Pradesh Assembly whose current effective strength is 228.

It also has the support of four Independents, two BSP legislators and one SP MLA, but some of them are now likely to switch sides to the BJP.

The BJP has 107 seats in the state Assembly.

Rome, Mar 11: Italy has recorded its deadliest day of the coronavirus crisis despite locking down the entire country, as New York deployed the National Guard to contain a disease that has sown worldwide panic.

The hardest-hit country in Europe said its death toll from the COVID-19 virus had risen Tuesday by a third to 631, with the surging epidemic taking its toll on global sporting, cultural and political events.

While authorities in China, where the outbreak began, have declared it "basically curbed", cases are multiplying around the world, sparking panic buying in shops, and wild swings on financial markets.

China remains the hardest-hit overall with more than 80,000 cases and over 3,000 deaths, out of a global total of 117,339 cases and 4,251 deaths across 107 countries and territories, according to an AFP tally.

The virus is infecting all walks of life, including politics, with US Democratic presidential hopefuls Bernie Sanders and Joe Biden both cancelling campaign rallies and British health minister Nadine Dorries saying she had tested positive.

And amid criticism of the US authorities' response, New York deployed the National Guard for the first time during the crisis to help contain the spread of the disease from an infection-hit suburb.

There have been 173 confirmed cases in New York state, including 108 in Westchester County, home to New Rochelle where the majority of infections have been detected.

"It is a dramatic action, but it is the largest cluster in the country. This is literally a matter of life and death," said state governor Andrew Cuomo.

"People are scared, it's an unusual situation to be in," Miles Goldberg, who runs a New Rochelle bar, told AFP.

"It makes people nervous to be around others, it makes people nervous to get inside into businesses and such," he said.

In an unprecedented move, Italian Prime Minister Giuseppe Conte has told the 60 million residents of his country they should travel only for the most urgent work or health reasons.

And while squares in Milan and Rome were emptied of their usual bustle and traffic, some residents appeared uncertain if they were even allowed to leave their homes for everyday tasks like shopping.

The virus has battered tourism around the world, as people scrap travel plans, and a restaurant owner in Florence in northern Italy said that the impact on business had been catastrophic.

"We hope that we will see the end of it, because from around 140 covers a day, this afternoon, we've gone down to 20-25," Agostino Ferrara told AFP.

Pope Francis also seemed to muddy the waters, holding a mass in which he urged priests to go out and visit the sick -- something Conte has specifically discouraged.

Sporting events continued to fall victim to the virus as authorities urge people to avoid large gatherings.

Arsenal's game at Manchester City was postponed after players from the London club were put into quarantine, making it the first Premier League fixture to be called off because of the virus.

The virus has sparked doubts about the Olympics due to open in Tokyo on July 24 and the traditional flame lighting ceremony in Greece is set to be held without spectators.

In the United States, organisers rescheduled the two-week Coachella music festival for October.

The virus and the response to the crisis has prompted pandemonium on global markets with volatility not seen since the world financial crisis in 2008.

After suffering its worst session in more than 11 years at the beginning of the week, the Dow Jones Index in New York bounced back significantly, rising five percent on Tuesday.

Politicians around the world have scrambled to put together emergency packages to ease the significant financial hardships the virus is expected to cause for households and businesses.

US President Donald Trump, who is relying on a strong economy to boost his re-election hopes, promised to announce "major" economic measures on Tuesday.

The biggest item on his wish list is a cut in payroll taxes. But even allies in Congress and reportedly some aides in the White House are sceptical, questioning the cost.

Italy prepared Tuesday to let families skip mortgage and some tax payments while Japan unveiled a second emergency package to tackle economic woes stemming from the outbreak, including $15 billion in loan programmes to support small businesses.

Analysts warned of further volatility ahead however.

"It's like winding up a rubber band. The more you wind it, when you let go, the more it pops," said LBBW's Karl Haeling.

"A lot of the uncertainty goes to the root of the virus itself."